MAGNETIC RESONANCE IMAGING SYSTEMS – APAC ANALYSIS … · Magnetic Resonance Imaging Systems –...

REFERENCE CODE GDME1123CFR | PUBLICAT ION DATE DECEMBER 2014

MAGNETIC RESONANCE IMAGING SYSTEMS – APAC ANALYSIS AND MARKET FORECASTS

Magnetic Resonance Imaging Systems – APAC Analysis and Market Forecasts 2 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.


Executive Summary

Magnetic Resonance Imaging Key Metrics: Key Events and Pipeline Assessment 2013 Market Sales ($m)

APAC $1,653.9m

Key Events (2012–2020) Level of Impact

Patient Protection and Affordable Care Act of 2010 ↑↑↑↑↑↑

Affordable Care Act of 2011 ↑↑↑↑↑↑

Approval by European Council on new EU Medical Device Regulations in 2015 ↑↑↑↑

Implementation of new EU Medical Device Regulations during 2018 to 2020 ↑↑↑↑

Reform of CFDA Medical Device Regulation in 2014 ↑↑

GE Healthcare PET/CT & PET/MRI Comparison Trial 2014 ↑↑

Pipeline and Competitive Landscape Assessment

Total pipeline products profiled 5

Total companies profiled 21

2020 Market Sales ($m)

APAC $4,917.0m

Source: GlobalData, primary research interviews with leading nuclear medicine specialist in Japan, China, and India.

Magnetic Resonance Imaging Market Overview

Several attributes of X-ray imaging have limited its

use over the years, specifically patient exposure to

radiation and imaging-related issues such as poor

resolution, depth, and contrast. However, the

advent of next-generation imaging technologies

has changed all that. The ability to achieve

millimeter or even sub-millimeter spatial resolution

with new X-ray computer tomography (CT) and

magnetic resonance imaging (MRI) scanners has

accelerated the use of non-invasive imaging and

opened the door to a broad set of advanced

applications. Nuclear imaging, particularly positron

emission tomography (PET), has significantly

progressed as well. While PET and CT are quickly

becoming a critical component of clinical

diagnoses, they are limited by image artifacts

related to the scanning pattern: CT and PET

images are acquired sequentially, rather than

simultaneously, which means that artifacts can be

caused by intra- and inter-scan patient and organ

motion as well as differences between the

breathing protocols used in PET and CT. These

artifacts can severely impact the accuracy of the

scanner and its attenuation correction, seriously

compromising the imaging capability. MRI does not

have these problems, and provides a large variety

of protocols that selectively enhance contrast and

thus provide enhanced visual discrimination among

different tissues in vivo, and which can be utilized

for dynamic contrast-enhanced imaging, diffusion

imaging, functional MRI, and other purposes. Most

importantly, MRI is also capable of spectroscopy

for detection of organ-specific abnormalities. With

significant advances in the MRI field, devices are

more powerful and accurate than ever.

Increased utility and ever-rising desirability will

drive the global MRI systems market to grow from

$3.7 billion in 2012 to over $9.2 billion by 2020,

increasing at a Compound Annual Growth Rate

(CAGR) of 11.8% during the forecast period.



Executive Summary

There are a number of key drivers for the adoption

of MRI systems globally, including:

Rising prevalence of diseases

Increased demand for cost-effective and

quality healthcare

Novel technologies driving innovation

Increased awareness of radiation dosage

Open and partial MRI systems to drive further

adoption, especially for claustrophobic patients

Expanding use of MRI techniques by non-

radiologists

Steady reimbursement and other government

funding

Ever-growing global population

Despite increasing adoption, MRI system sales still

face many market barriers, such as:

US medical device excise tax

Limited availability of venture capital

Reduced hospital budgets

Increasing prevalence of lifestyle-related

diseases

Ever-present competition from CT systems

Shortage of dedicated MRI technologists

High initial cost of capital equipment

Lack of long-term data on use of MRI in

patients

Regardless of market obstacles, GlobalData

expects steady growth in the MRI systems market,

which is still in its infancy in many countries.

Continued growth in this sector will be fueled by

continual design developments, cost reductions,

reimbursement improvements, and technology

adoption in emerging markets.

Emerging Markets to Fuel New System Adoption

Emerging economies such as China and India are

expected to continue to provide opportunities for

revenue growth in the global MRI market.

According to GlobalData estimates, the Indian and

Chinese markets accounted for 3.6% and 16.5% of

global MRI systems revenue in 2012, respectively;

this share is expected to increase further during

the forecast period as physician adoption

increases, reimbursement improves, and prices

decline.

New sales growth in these emerging regions is

expected to be fueled by the rapid uptake of less-

expensive MRI systems that will allow access to

healthcare in more remote areas of these price-

sensitive economies. With increases in average

income, growing demand for healthcare, and

higher standards for care, these emerging markets

are expected to see a rise in MRI procedures, as

these systems offer safe and valuable insight into

patient conditions and are a powerful decision-

making tool for physicians.



Executive Summary

Future Market Growth

The recent economic downturn has had a

continued effect on MRI system sales, especially

because competing technologies are cheaper and

in many cases offer equal imaging quality and

resolution. However, despite competition from

other diagnostic devices, MRI systems have

experienced continued adoption as cost-

effectiveness improves and innovation drives

technology improvements. The market growth for

MRI systems in the US and EU is heavily

dependent on the replacement of existing systems

that are nearing the end of their lifetime. As such,

the capacity for new installations in developed

countries is limited, and as world economies

recover, it can be expected that equipment

replacement rates will increase in the future.

Despite the need for replacements, hospitals do

not always decommission MRI systems at the end

of the product’s manufacturer-recommended

lifecycle, which negatively affects the sales of

systems in these developed markets as companies

forgo new system purchases. Additionally, a

“trickling down” of MRI system features negatively

impacts sales in developed countries: older high-

end systems are sometimes replaced with low-end

or mid-range systems, sacrificing features for cost

savings. Finally, newer systems are expected to

cost less, reducing the profit margins of

manufacturers in this space. As a result, the MRI

market is expected to be highly competitive.

Changes to reimbursement, the increasing aging

population, rising prevalence of disease, and the

escalating need for advanced imaging systems will

act as major drivers for continued growth in the

MRI market. Despite cost-containment measures

implemented by healthcare authorities, the safety

and efficacy of MRI techniques will continue to

drive new sales in developed and emerging

markets.

What Do Physicians Think?

The KOLs interviewed for this report agreed that in

terms of popularity, 1.5T (tesla) systems are

currently the most popular, although the high-field

market segment is growing quickly.

“1.5T is the most popular field strength, and [we]

can do a number of procedures with it.”

Key Opinion Leader

MRI has experienced significant adoption

worldwide as a result of its ability to produce high-

quality images, especially for soft tissue.

“MR and CT complement each other, and both

technologies are moving fairly rapidly. MR is good

for diagnostic analysis of soft tissue.”

Key Opinion Leader

The imaging technique has been adopted by an

expanding number of departments. As technology

improves and guidelines are put in place, MRI is

increasingly used for additional indications,

including oncology, neurology, and cardiology.

During the forecast period, these areas are



Executive Summary

expected to increasingly rely on MRI technology for

diagnostics, further driving new device sales.

“MRI of the heart, for infarction especially, is

increasing in general.”

Key Opinion Leader

“Other rising indications for MRI use include breast

and prostate cancer.”

Key Opinion Leader

While manufacturers continue to include additional

features in MRI systems, and have greatly

changed system software, the most important part

of MRI remains the image quality, physicians note.

While manufacturers may tout add-ons or next-

generation features, image quality is still the most

important factor.

“The most important criteria for selecting a new

device are the quality of the images.”

Key Opinion Leader

While third-party vendors are increasingly present

in the industry, providing competitive maintenance

or repair, and refurbished system sales are on the

rise, physicians still are not completely happy with

refurbished systems’ image quality, which in turn

continues to drive new device sales.

“It’s very difficult to achieve a homogenous signal

[with an older system].”

Key Opinion Leader

Other areas of development include diffusion MRI,

pre-polarizing systems, and parallel imaging.

Physicians are interested in these technologies

because they offer significant benefits for patient

diagnosis and allow radiologists to examine

degenerative disease or trauma using wholly new

methods.

“Multiparametric MRI is really appealing, and is

growing. It promises to greatly improve

diagnostics, especially for things like prostate

cancer.”

Key Opinion Leader

Researchers are also increasingly utilizing MRI

with other scanning technologies, like PET, to

produce hybrid images that combine the

advantages of both systems. This hybrid imaging is

fairly new to the industry but has been gaining

interest rapidly, especially in complex areas of

degenerative disease. Increasing utilization of

hybrid PET/MRI imaging will drive MRI sales as

well.

“There is a new possibility of PET/MRI hybrid

imaging that might, again, increase the MRI

demand.”

Key Opinion Leader


Table of Contents


1 Table of Contents

1 Table of Contents ....................................................................................................................... 6

1.1 List of Tables .................................................................................................................... 15

1.2 List of Figures ................................................................................................................... 19

2 Introduction ............................................................................................................................... 20

2.1 Catalyst ............................................................................................................................. 21

2.2 Related Reports ................................................................................................................ 21

3 Industry Overview ..................................................................................................................... 22

3.1 Overview of MRI Technology ............................................................................................ 22

3.2 System Overview .............................................................................................................. 23

3.2.1 Pre-Polarizing MRI Systems .......................................................................................... 24

3.2.2 Diffusion MRI................................................................................................................. 25

3.2.3 Apparent Diffusion Coefficient ....................................................................................... 25

3.3 Applications of Technology ............................................................................................... 26

3.4 Clinical Indications for MRI scans...................................................................................... 26

3.5 Procedure Trends ............................................................................................................. 28

3.5.1 Product Lifecycle ........................................................................................................... 28

3.6 Advantages and Disadvantages of Technology................................................................. 30

3.6.1 Overview ....................................................................................................................... 30

3.6.2 MRI Technology SWOT Analysis .................................................................................. 30

3.6.3 Claustrophobia Issues with MRI Systems ...................................................................... 31

3.6.4 Magnetic Resonance Imaging vs. Computed Tomography............................................ 32

3.7 Market Access .................................................................................................................. 33

3.7.1 Product Life Cycle ......................................................................................................... 33

3.7.2 Purchasing Decisions .................................................................................................... 34

3.7.3 Role of Group Purchasing Organizations ...................................................................... 35

3.8 Regulatory Process ........................................................................................................... 37


Table of Contents


3.8.1 Japan ............................................................................................................................ 37

3.8.2 China ............................................................................................................................ 38

3.8.3 India .............................................................................................................................. 38

3.9 Current MRI Reimbursement Trends ................................................................................ 40

3.9.1 Japan ............................................................................................................................ 40

3.9.2 China ............................................................................................................................ 40

3.9.3 India .............................................................................................................................. 41

3.10 Procedure Trends ............................................................................................................. 42

3.10.1 Neurology ...................................................................................................................... 42

3.10.2 Extremity MRI................................................................................................................ 43

3.10.3 PET/MRI ....................................................................................................................... 44

3.10.4 Asia-Pacific ................................................................................................................... 44

3.10.5 Magnetic Resonance Angiography ................................................................................ 45

3.10.6 Magnetic Resonance Spectroscopy .............................................................................. 45

3.10.7 Hours of Operation ........................................................................................................ 45

3.10.8 Regulatory Issues/Recalls ............................................................................................. 46

3.11 Economic Impact .............................................................................................................. 46

3.11.1 Direct Costs .................................................................................................................. 47

3.11.2 Pricing of MRI Systems ................................................................................................. 47

4 Unmet Needs ............................................................................................................................ 51

4.1 Overview ........................................................................................................................... 51

4.2 Storing and Managing Patient Data ................................................................................... 52

4.3 Multiparametric MRI .......................................................................................................... 53

4.4 Quieter Systems for Improved Patient Comfort ................................................................. 54

4.5 Improved Software to Support Advanced Image Acquisition Hardware ............................. 54

4.6 Faster Throughput ............................................................................................................ 57

4.7 Improvements in Patient Comfort ...................................................................................... 58


Table of Contents


5 Market Opportunity Analysis ..................................................................................................... 59

5.1 Overview ........................................................................................................................... 59

5.2 Standardization of Scans .................................................................................................. 60

5.3 Increased Adoption of MRI Throughout the Hospital ......................................................... 61

5.4 Cardiac MRI on the Rise ................................................................................................... 61

5.5 High-Field MRI in Developing Brains ................................................................................. 63

5.6 Permanent Magnets Still Desirable Where Power Unreliable ............................................ 64

5.7 Imaging Brain Tumors ....................................................................................................... 65

5.8 Cryogen-Free Cooling Systems ........................................................................................ 65

5.9 Additional Scanners for Outpatient Exams ........................................................................ 66

5.10 Breast and Prostate Cancer MRI....................................................................................... 67

5.11 Whole-Body MRI for Cancer ............................................................................................. 68

5.12 Cloud Computing on the Rise ........................................................................................... 68

5.13 New MRI Technique to Speed Up Diagnosis for Traumatic Brain Injury ............................ 69

6 Market Drivers and Barriers ...................................................................................................... 70

6.1 Overview ........................................................................................................................... 70

6.2 Driver: Improved Imaging Capabilities of Higher Field Strength ........................................ 70

6.3 Driver: Low-Quality Images from Older Machines ............................................................. 72

6.4 Driver: High Average Age of MRI Systems ........................................................................ 72

6.5 Driver: Difficulty of Achieving Homogenous Signals with Older Systems ........................... 73

6.6 Barrier: Fewer Resources for Training on Machines.......................................................... 73

6.7 Barrier: Economic Pressure Reduces New Systems Volume ............................................ 74

6.8 Barrier: Misuse of Systems ............................................................................................... 75

6.9 Barrier: Overuse of MRI Systems ...................................................................................... 76

6.10 Barrier: ISOs a Cheaper Alternative to Service or New Sales from OEM .......................... 77

6.11 Barrier: Supeconducting MRI Magnet Producers .............................................................. 78

6.12 Barrier: Uneven Reimbursement for MRI Procedures ....................................................... 79


Table of Contents


7 Competitive Assessment .......................................................................................................... 80

7.1 Full Profiles for Key Products ............................................................................................ 80

7.1.1 Oasis (Hitachi) ............................................................................................................... 80

7.1.2 Echelon Oval (Hitachi) ................................................................................................... 81

7.1.3 Discovery MR750w (GE Healthcare) ............................................................................. 82

7.1.4 Optima MR360 Advance (GE Healthcare) ..................................................................... 83

7.1.5 Optima MR450w (GE Healthcare) ................................................................................. 84

7.1.6 Signa HDxt (GE Healthcare) ......................................................................................... 85

7.1.7 Vantage Titen (Philips Healthcare) ................................................................................ 86

7.1.8 Ingenia (Philips Healthcare) .......................................................................................... 87

7.1.9 Achieva TX (Philips Healthcare) .................................................................................... 88

7.1.10 Magnetom Aera (Siemens Healthcare).......................................................................... 89

7.1.11 Magnetom C! (Siemens Healthcare) ............................................................................. 90

7.1.12 Magnetom Spectra (Siemens Healthcare) ..................................................................... 91

7.1.13 NSM-S15 (Neusoft Medical Systems) ........................................................................... 92

7.2 Classification Based on Field Strength .............................................................................. 93

7.2.1 Low-Field MRI Systems ................................................................................................ 93

7.2.2 Mid-Field MRI Systems ................................................................................................. 95

7.2.3 High-Field MRI Systems ................................................................................................ 96

8 Pipeline Assessment................................................................................................................. 99

8.1 11.7T MRI System (Neurospin) ......................................................................................... 99

8.1.1 Overview ....................................................................................................................... 99

8.1.2 SWOT ........................................................................................................................... 99

8.2 Aurora PET/MRI System (Aurora Imaging Technology) .................................................... 99

8.2.1 Overview ....................................................................................................................... 99

8.2.2 SWOT ......................................................................................................................... 100

8.3 Neona (Time Medical) ..................................................................................................... 100


Table of Contents


8.3.1 Overview ..................................................................................................................... 100

8.3.2 SWOT ......................................................................................................................... 100

8.4 GE 7.0T MRI Scanner (GE Healthcare) .......................................................................... 101

8.4.1 Overview ..................................................................................................................... 101

8.4.2 SWOT ......................................................................................................................... 101

8.5 Signa PET/MRI (GE Healthcare) ..................................................................................... 101

8.5.1 Overview ..................................................................................................................... 101

8.5.2 SWOT ......................................................................................................................... 102

9 Current and Future Players ..................................................................................................... 103

9.1 Overview ......................................................................................................................... 103

9.2 Aurora Imaging ............................................................................................................... 103

9.2.1 Overview ..................................................................................................................... 103

9.2.2 Portfolio Assessment ................................................................................................... 104

9.2.3 SWOT Analysis ........................................................................................................... 104

9.3 China Resources Wandong Medical Equipment ............................................................. 105

9.3.1 Overview ..................................................................................................................... 105


9.3.3 SWOT Analysis ........................................................................................................... 106

9.4 Esaote S.p.A. .................................................................................................................. 106

9.4.1 Overview ..................................................................................................................... 106


9.4.3 SWOT Analysis ........................................................................................................... 107

9.5 Fonar Corporation ........................................................................................................... 107

9.5.1 Overview ..................................................................................................................... 107


9.5.3 SWOT Analysis ........................................................................................................... 108

9.6 GE Healthcare ................................................................................................................ 109


Table of Contents


9.6.1 Overview ..................................................................................................................... 109


9.6.3 SWOT Analysis ........................................................................................................... 111

9.7 Hitachi Medical Corporation ............................................................................................ 111

9.7.1 Overview ..................................................................................................................... 111


9.7.3 SWOT Analysis ........................................................................................................... 113

9.8 Hologic ............................................................................................................................ 113

9.8.1 Overview ..................................................................................................................... 113


9.8.3 SWOT Analysis ........................................................................................................... 114

9.9 Mindray ........................................................................................................................... 115

9.9.1 Overview ..................................................................................................................... 115


9.9.3 SWOT Analysis ........................................................................................................... 116

9.10 Neusoft Medical .............................................................................................................. 116

9.10.1 Overview ..................................................................................................................... 116


9.10.3 SWOT Analysis ........................................................................................................... 117

9.11 Ningbo Xingaoyi Medical ................................................................................................. 117

9.11.1 Overview ..................................................................................................................... 117


9.11.3 SWOT Analysis ........................................................................................................... 118

9.12 Philips Healthcare ........................................................................................................... 119

9.12.1 Overview ..................................................................................................................... 119


9.12.3 SWOT Analysis ........................................................................................................... 121


Table of Contents


9.13 Siemens Healthcare ........................................................................................................ 121

9.13.1 Overview ..................................................................................................................... 121


9.13.3 SWOT Analysis ........................................................................................................... 124

9.14 Sina Healthcare .............................................................................................................. 124

9.14.1 Overview ..................................................................................................................... 124


9.14.3 SWOT Analysis ........................................................................................................... 126

9.15 Time Medical................................................................................................................... 126

9.15.1 Overview ..................................................................................................................... 126


9.15.3 SWOT Analysis ........................................................................................................... 128

9.16 Toshiba Medical Systems Corporation ............................................................................ 128

9.16.1 Overview ..................................................................................................................... 128


9.16.3 SWOT Analysis ........................................................................................................... 129

10 Stategic Competitive Assessment ........................................................................................... 130

10.1 Company Market Share .................................................................................................. 130

10.1.1 APAC .......................................................................................................................... 130

10.1.2 Japan .......................................................................................................................... 132

10.1.3 China .......................................................................................................................... 133

10.1.4 India ............................................................................................................................ 134

11 Market Outlooks by Market Segment ...................................................................................... 136

11.1 Market Segment by Country............................................................................................ 136

11.1.1 Japan .......................................................................................................................... 136

11.1.2 China .......................................................................................................................... 138

11.1.3 India ............................................................................................................................ 139


Table of Contents


12 Market Outlooks by Geography .............................................................................................. 140

12.1 APAC .............................................................................................................................. 140

12.1.1 APAC Market Share by Country .................................................................................. 140

12.1.2 APAC Market Value by Market Segment ..................................................................... 142

12.2 Japan .............................................................................................................................. 143

12.2.1 Market Value by Market Segment ............................................................................... 143

12.2.2 Installed Base of MRI Systems .................................................................................... 144

12.3 China .............................................................................................................................. 145



12.4 India ................................................................................................................................ 147



13 Appendix................................................................................................................................. 150

13.1 Bibliography .................................................................................................................... 150

13.2 Abbreviations .................................................................................................................. 156

13.3 Report Methodology ........................................................................................................ 159

13.3.1 Overview ..................................................................................................................... 159

13.3.2 Coverage .................................................................................................................... 159

13.3.3 Secondary Research ................................................................................................... 159

13.4 Forecasting Methodology ................................................................................................ 160

13.5 Primary Research — Key Opinion Leaders ..................................................................... 161

13.6 Primary Research — Physician and Industry Overviews ................................................. 161

13.6.1 Expert Panel Validation ............................................................................................... 164

13.7 Physicians & Experts Included in this Study .................................................................... 165

13.8 About the Authors ........................................................................................................... 167

13.8.1 Analysts ...................................................................................................................... 167


Table of Contents


13.8.2 Global Head of Healthcare .......................................................................................... 167

13.9 About GlobalData ............................................................................................................ 169

13.10 Disclaimer ....................................................................................................................... 169


Table of Contents


1.1 List of Tables

Table 1: MRI Procedure Targets ............................................................................................................... 27

Table 2: Indications for an Immediate Emergency MRI .............................................................................. 28

Table 3: Advantages and Disadvantages of MRI ....................................................................................... 30

Table 4: Magnetic Resonance Imaging Technology SWOT Analysis ......................................................... 31

Table 5: Selected Group Purchasing Organizations in the US and EU ....................................................... 36

Table 6: Japan Average Selling Price by Market Segment (2011–2020), $m ............................................. 47

Table 7: China Average Selling Price by Market Segment (2011–2020), $m.............................................. 48

Table 8: India Average Selling Price by Market Segment (2011–2020), $m ............................................... 49

Table 9: MRI Applications and Future Market Potential ............................................................................. 60

Table 10: SWOT Analysis — Oasis ............................................................................................................. 81

Table 11: SWOT Analysis — Echelon Oval ................................................................................................. 82

Table 12: SWOT Analysis — Discovery MR750w ........................................................................................ 83

Table 13: SWOT Analysis — Optima MR360 Advance ................................................................................ 84

Table 14: SWOT Analysis — Optima MR450w ............................................................................................ 85

Table 15: SWOT Analysis — Signa HDxt .................................................................................................... 86

Table 16: SWOT Analysis — Vantage Titen ................................................................................................ 87

Table 17: SWOT Analysis — Ingenia .......................................................................................................... 88

Table 18: SWOT Analysis — Achieva TX .................................................................................................... 89

Table 19: SWOT Analysis — Magnetom Aera ............................................................................................. 90

Table 20: SWOT Analysis — Magnetom C! ................................................................................................. 91

Table 21: SWOT Analysis — Magnetom Spectra ........................................................................................ 92

Table 22: SWOT Analysis — NSM-S15....................................................................................................... 92

Table 23: SWOT Analysis — Low-Field MRI Systems ................................................................................. 93


Table of Contents


Table 24: Low-Field MRI Systems ............................................................................................................... 94

Table 25: SWOT Analysis — Mid-Field MRI Systems .................................................................................. 95

Table 26: Mid-Field MRI Systems ............................................................................................................... 96

Table 27: SWOT Analysis — High-Field MRI Systems ................................................................................ 97

Table 28: High-Field MRI Systems .............................................................................................................. 98

Table 29: SWOT Analysis — 11.7T MRI (Neurospin) .................................................................................. 99

Table 30: SWOT Analysis — Aurora PET/MRI System (Aurora Imaging Technology) ................................ 100

Table 31: SWOT Analysis — Neona (Time Medical) ................................................................................. 100

Table 32: SWOT Analysis — 7.0T MRI Scanner (GE Healthcare) ............................................................. 101

Table 33: SWOT Analysis — Signa PET/MR (GE Healthcare)................................................................... 102

Table 34: Company Profile — Aurora Imaging .......................................................................................... 104

Table 35: Aurora Imaging, MRI System Device Portfolio ........................................................................... 104

Table 36: SWOT Analysis — Aurora Imaging ............................................................................................ 104

Table 37: Company Profile — China Resources Wandong Medical Equipment ......................................... 105

Table 38: China Resources Wandong Medical Equipment, MRI System Device Portfolio .......................... 105

Table 39: SWOT Analysis — China Resources Wandong Medical Equipment ........................................... 106

Table 40: Company Profile — Esaote S.p.A. ............................................................................................. 106

Table 41: Esaote S.p.A., MRI System Device Portfolio .............................................................................. 107

Table 42: SWOT Analysis — Esaote S.p.A. .............................................................................................. 107

Table 43: Company Profile — Fonar Corporation ...................................................................................... 108

Table 44: Fonar Corporation, MRI System Device Portfolio ....................................................................... 108

Table 45: SWOT Analysis — Fonar Corporation ....................................................................................... 108

Table 46: Company Profile — GE Healthcare ........................................................................................... 109

Table 47: GE Healthcare, MRI System Device Portfolio ............................................................................ 110


Table of Contents


Table 48: SWOT Analysis — GE Healthcare ............................................................................................. 111

Table 49: Company Profile — Hitachi Medical Corporation ........................................................................ 112

Table 50: Hitachi Medical Corporation, MRI System Device Portfolio......................................................... 112

Table 51: SWOT Analysis — Hitachi Medical ............................................................................................ 113

Table 52: Company Profile — Hologic ....................................................................................................... 114

Table 53: SWOT Analysis — Hologic ........................................................................................................ 114

Table 54: Company Profile — Mindray ...................................................................................................... 115

Table 55: Mindray, MRI System Device Portfolio ....................................................................................... 115

Table 56: SWOT Analysis — Mindray ....................................................................................................... 116

Table 57: Company Profile — Neusoft Medical ......................................................................................... 116

Table 58: Neusoft Medical, MRI System Device Portfolio .......................................................................... 117

Table 59: SWOT Analysis — Neusoft Medical ........................................................................................... 117

Table 60: Company Profile — Ningbo Xingaoyi Medical ............................................................................ 118

Table 61: Ningbo Xingaoyi Magnetism, MRI System Device Portfolio ........................................................ 118

Table 62: SWOT Analysis — Ningbo Xingaoyi Magnetism ........................................................................ 118

Table 63: Company Profile — Philips Healthcare ...................................................................................... 119

Table 64: Philips Healthcare, MRI System Device Portfolio ....................................................................... 120

Table 65: SWOT Analysis — Philips Healthcare ........................................................................................ 121

Table 66: Company Profile — Siemens Healthcare ................................................................................... 122

Table 67: Siemens Healthcare, MRI System Device Portfolio .................................................................... 123

Table 68: SWOT Analysis — Siemens Healthcare .................................................................................... 124

Table 69: Company Profile — Sina Healthcare.......................................................................................... 125

Table 70: Sina Healthcare, MRI System Device Portfolio .......................................................................... 126

Table 71: SWOT Analysis — Sina Healthcare ........................................................................................... 126


Table of Contents


Table 72: Company Profile — Time Medical .............................................................................................. 127

Table 73: Time Medical, MRI System Device Portfolio............................................................................... 127

Table 74: SWOT Analysis — Time Medical ............................................................................................... 128

Table 75: Company Profile — Toshiba ...................................................................................................... 128

Table 76: Toshiba, MRI System Device Portfolio ....................................................................................... 129

Table 77: SWOT Analysis — Toshiba ....................................................................................................... 129

Table 78: APAC Market Sales for MRI Systems (2012) ............................................................................. 131

Table 79: Japan Market Sales for MRI Systems (2012) ............................................................................. 132

Table 80: China Market Sales for MRI Systems (2012) ............................................................................. 133

Table 81: India Market Sales for MRI Systems (2012) ............................................................................... 134

Table 82: Japan Market Segment, 2012 & 2020 ........................................................................................ 136

Table 83: China Market Segment, 2012 & 2020 ........................................................................................ 138

Table 84: India Market Segment, 2012 & 2020 .......................................................................................... 139

Table 85: APAC Market by Country, 2012 & 2020 ..................................................................................... 140

Table 86: APAC Market Value by Market Segment for MRI Systems (2011–2020), $m ............................. 142

Table 87: Japan Market Value Forecast by Market Segment (2011–2020), $m ......................................... 143

Table 88: Japan Installed Base of MRI Systems (2011–2020) ................................................................... 144

Table 89: China Market Value Forecast by Market Segment (2011–2020), $m .......................................... 145

Table 90: China Installed Base of MRI Systems (2011–2020) ................................................................... 146

Table 91: India Market Value Forecast by Market Segment (2011–2020), $m ........................................... 147

Table 92: India Installed Base of MRI Systems (2011–2020) ..................................................................... 148

Table 93: Primary Research Interviews Completed by Country ................................................................. 162

Table 94: Primary Research Interviews Completed by Designation ........................................................... 163


Table of Contents


1.2 List of Figures

Figure 1: Japan Average Selling Price by Market Segment ......................................................................... 48

Figure 2: China Average Selling Price by Market Segment ......................................................................... 49

Figure 3: India Average Selling Price by Market Segment........................................................................... 50

Figure 4: Average Age for Magnetic Resonance Imaging Machines in 5EU in 2013 .................................... 73

Figure 5: APAC Market Share for MRI Systems (2012) ............................................................................ 131

Figure 6: Japan Market Share for MRI Systems (2012) ............................................................................ 132

Figure 7: China Market Share for MRI Systems (2012) ............................................................................. 133

Figure 8: India Market Share for MRI Systems (2012) .............................................................................. 135

Figure 9: Japan Market Segment, 2012 & 2020 ........................................................................................ 137

Figure 10: China Market Segment, 2012 & 2020 ........................................................................................ 138

Figure 11: India Market Segment, 2012 & 2020 .......................................................................................... 139

Figure 12: APAC Market by Country, 2012 & 2020 ..................................................................................... 141

Figure 13: APAC Market Value Forecast by Market Segment for MRI Systems (2011–2020), $m ............... 142

Figure 14: Japan Market Value Forecast by Market Segment (2011–2020), $m ......................................... 144

Figure 15: Japan Installed Base of MRI Systems (2011–2020) ................................................................... 145

Figure 16: China Market Value Forecast by Market Segment (2011–2020), $m .......................................... 146

Figure 17: China Installed Base of MRI Systems (2011–2020) ................................................................... 147

Figure 18: India Market Value Forecast by Market Segment (2011–2020), $m ........................................... 148

Figure 19: India Installed Base of MRI Systems (2011–2020) ..................................................................... 149

Figure 20: Primary Research Interviews Completed by Country ................................................................. 162

Figure 21: Primary Research Interviews Completed by Designation ........................................................... 163



Introduction

2 Introduction

Magnetic resonance imaging (MRI) systems utilize strong magnetic fields and radio waves to

generate clear and detailed images of internal organs and tissues. MRI is widely used in hospitals,

and is generally the preferred imaging method for the diagnosis of brain and other neurological

disorders. MRI systems vary in the strength of the magnetic field they can produce (measured in

teslas, or “T”); devices are classified as high-field (3T), mid-field (1.5T), or low-field (less than

1.5T). These systems work in tandem with many other medical devices, including surgical tools,

radiology equipment, and MRI system accessories. MRI systems have many applications, but are

most commonly used for the imaging of nervous, cardiovascular, musculoskeletal, liver,

gastrointestinal, and cancerous structures due to their strong imaging capabilities with soft tissue.

Advancements in real-time imaging technology have enabled functional neuroimaging, a procedure

that measures brain activity by detecting associated changes in blood flow. This is known as

functional MRI (fMRI).

The US, EU, and Japanese markets make up the majority of MRI system sales, with purchasers

upgrading their outmoded systems and acquiring additional MRI systems to meet demand, within

stringent cost-effective criteria. Mid- and high-field systems dominate the market these days,

largely because they allow previously unavailable applications and greatly improve image

resolution and quality, particularly for cartilage tissue. However, these mid- and high-field MRI

systems are extremely large and complicated, making them expensive to purchase, install on-site,

and maintain. These characteristics have resulted in many hospitals deferring purchasing decisions

or seeking alternatives. Despite this, several indications require the use of high-field imaging for

diagnosis and treatment, prompting patients to travel great distances to where a high-field system

is available instead of opting for a local mid-field scan. As a result, smaller hospitals must invest in

more expensive, higher-field systems to remain competitive in the future. This has introduced a

new market of “magnet upgrades”, where major system integrators introduce new, higher-field

magnets to existing MRI systems rather than replacing the whole system, to keep the system from

become obsolete. In other areas, these high-field devices have gained little traction, especially in

the Asia-Pacific (APAC) region, showing the significant diversity of purchasers looking to acquire

new systems. Overall, the MRI market will see continued growth throughout the forecast period,

with the fastest device adoption in the high-field market segment.



Introduction

2.1 Catalyst

Given their impressive safety, efficacy, and non-invasive nature, MRI systems have seen continued

adoption since they were first introduced to the healthcare market. Despite a high initial price tag as

well as substantial maintenance costs, these systems are increasingly prevalent in hospitals

around the world, and their use is now global. With a variety of options available in terms of

magnetic field strength and additional features, purchasing hospitals have a wide selection of

systems to choose from, and market offerings are only growing. As new players enter the industry

with innovative new systems during the forecast period, competition is expected to escalate to new

levels. Additionally, as the number of disease and trauma indications that can be diagnosed using

MRI increases, the number of procedures performed per year will rise as well.

Moreover, the advent of hybrid imaging has enabled PET/MRI imaging adoption. New

developments in hybrid imaging promise to further increase the demand and the utility of these

systems, while significantly improving patient cost. Healthcare reforms, stimulated by economic

pressures, have looked to reduce the burden of imaging on the healthcare system by restricting

reimbursement for various imaging procedures. This report examines the adoption of new

technologies and the challenges current competitors will face within the MRI market, with a focus

on current and future industry trends. In addition, the report will highlight the current and future

applications of MRI technology, and identify unmet needs and potential opportunities within the

market.

2.2 Related Reports

GlobalData (2014). MediFocus: Ultrasound Imaging – Global Analysis and Market Forecasts,

January, 2014, GDME0182MAR

GlobalData (2014). MediFocus: Nuclear Imaging – Global Analysis and Market Forecasts,

November, 2014, GDME0208MAR

GlobalData (2013). MediFocus: Future of Molecular Imaging, August, 2013, GDME002MFR

GlobalData (2013). MediPoint: Breast Cancer Imaging – Global Analysis and Market

Forecasts, May, 2013, GDME0166MAR


Appendix


13.9 About GlobalData

GlobalData is a leading global provider of business intelligence in the Healthcare industry.

GlobalData provides its clients with up-to-date information and analysis on the latest developments

in drug research, disease analysis, and clinical research and development. Our integrated business

intelligence solutions include a range of interactive online databases, analytical tools, reports and

forecasts. Our analysis is supported by a 24/7 client support and analyst team.

GlobalData has offices in New York, San Francisco, Boston, London, India, Korea, Japan,

Singapore, and Australia.

13.10 Disclaimer

All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any

form by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior

permission of the publisher, GlobalData.

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